Franklin Templeton Mutual Fund on Sunday said its six shut schemes have received Rs 13,789 crore from maturities, pre-payments and coupon payments since closure in April.
Over the latest fortnight (January 1-15), these schemes received Rs 669 crore, of which Rs 617 crore was as pre-payments, it said. The fund house shut six debt mutual fund schemes on April 23, 2020 citing redemption pressures and lack of liquidity in the bond market.
The schemes Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund, and Franklin India Income Opportunities Fund together had an estimated Rs 26,000 crore as assets under management (AUM).
“The six schemes have received total cash flows of Rs 13,789 crore as of January 15, 2021 from maturities, pre-payments, and coupon payments since April 24, 2020,” the fund house said in a statement.
Franklin India Ultra Short Bond Fund, Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund and Franklin India Short Term Income Plan have 63 per cent, 50 per cent, 41 per cent, 26 per cent and 9 per cent of their respective AUM in cash.
Borrowing levels in Franklin India Income Opportunities Fund continue to come down steadily and currently stand at 6 per cent of AUM. The fund house said that cash available stands at Rs 9,190 crore as of January 15, for these five cash positive schemes, subject to fund running expenses.